Download Sound Practice in Government Debt Management by Graeme Wheeler PDF

By Graeme Wheeler

Govt debt administration has a protracted culture, relationship again greater than centuries in a few eu international locations. because the overdue 1980’s, notwithstanding, many OECD governments have invested seriously in enhancing the standard in their debt administration practices. lately, the subject has obtained extra cognizance for its power position in decreasing the vulnerability of rising economies to monetary and financial shocks. probability is a relative thought and is measured relative to a collection of ambitions. The authors argue govt asset and legal responsibility administration framework deals invaluable conceptual insights for handling the dangers linked to govt debt portfolios and for contemplating their interface with a variety of public coverage matters. additionally they argue that prudent chance administration calls for transparent targets for debt managers, sound institutional and felony framework, applicable caliber coverage techniques and exams and balances, and effective administration info platforms. Sound perform in executive Debt administration attracts from the reviews of a gaggle of nations which are leaders within the quarter of presidency debt administration and at the wisdom that the authors have accrued in advising many governments on their debt administration guidelines and operations. It deals worthy insights to help executive policy-makers in knowing what's concerned with imposing sound perform in govt debt administration.

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They often prefer to concentrate their domestic issuance on longer-maturity fixed-rate instruments in order to help reduce refinancing risks, stabilize debt-servicing costs, increase the investor base and the depth of the domestic bond market, and establish a pricing benchmark to help the market in pricing the credit of other domestic fixed-income issuers. ) They may believe that domestic investors, who are usually the predominant purchasers of inflation-indexed debt instruments, are not adequately prepared for the introduction of these instruments.

Risk management lies at the heart of government debt management. The various stages of the risk management process, and the types of policies adopted to manage risk are discussed in chapter 5. Contingent liabilities often represent some of the largest risks in a government’s balance sheet. These potential financial claims against the government can result in material financial obligations. They often are triggered during a banking crisis or at times when the economy, and therefore the government’s fiscal flows, are under stress.

The central bank often provides a wide range of agency services for government debt managers. At the same time, the monetary authorities want to be sure that government debt management operations do not undermine their monetary policy and exchange rate management objectives. Government debt managers, for their part, will want to be certain that the cost and risk objectives for government debt management are not compromised in this relationship. ) Many central banks provide registry and fiscal agency services for government debt managers by maintaining a register of owners of government securities and acting as paying agent for the government in the domestic market.

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